2026-04-13-莱坊-Melbourne_CBD_Office_State_of_the_Market_Q1_2026_2页_797kb

报告摘要

Melbourne CBD Office Market Summary – Q1 2026

Core Content

The Melbourne CBD office market has experienced a range of dynamics in Q1 2026, marked by record tenant briefs, rising rents, and a projected slowdown in new development activity. This summary outlines the key indicators and trends observed in the market.

Key Market Indicators

Tenant Briefs: In Q1 2026, Melbourne office briefs totaled 81, the highest first-quarter result on record, indicating strong demand from tenants.
Rental Growth:
- Eastern Core saw the most significant increase in effective rents, rising by 16.1% year-on-year.
- Prime rents in the Eastern Core increased to $1051/sqm, with a 4.0% quarterly increase and 14.8% annual increase.
- Net effective rents also rose in the Eastern Core, reaching $636/sqm with a 4.9% quarterly increase and 16.1% annual increase.
Incentives: The Eastern Core had the highest incentives at 39.5%, reflecting strong tenant interest in this area.
Yields:
- Prime yields in the Eastern Core stood at 6.4%, with a 13 bps quarterly decline.
- The CBD average prime yield was 6.9%, with a 19.0% vacancy rate and a total market stock of 5,279,222 sqm.
Development Activity:
- The development pipeline is expected to stall post-2026, following the completion of 435 Bourke St in Q1 2026.
- No significant CBD office sales occurred in Q1 2026 as the market adjusted to economic changes.

Recent Significant Tenant Commitments

La Trobe Financial committed to a new lease at 80 Collins Street (North) in the Eastern Core, covering 5,600 sqm for 7.0 years, with lease commencement in H1 2026.
Oracle secured a new lease at 567 Collins Street in the Spencer precinct, covering 2,100 sqm for 7.0 years, with lease commencement in H2 2026.
ESS Super signed a new lease at 130 Lonsdale Street in the North Eastern precinct, covering 2,400 sqm for 7.0 years, with lease commencement in H2 2026.
Northrop Consulting Engineering committed to a new lease at 385 Bourke Street in the Western Core, covering 1,300 sqm for 5.0 years, with lease commencement in H2 2026.

Recent Significant Institutional Sales

470 Collins Street was sold for $60.3 million by Suleman Property to Fortis, with a 6.2% yield and 1.2 years WALE.
750 Collins Street was sold for $383.0 million by GPT Group to Trust-Capital, with a 6.5% yield and 10.0 years WALE.
180 Flinders Street was sold for $254.5 million by Dexus to PAG, with a 6.5% yield and 5.0 years WALE.
357 Collins Street was sold for circa $195.3 million by Frasers to Harry Stamoulis, with a circa 7.3% yield and circa 2.5 years WALE.
50 Queen Street was sold for $40.1 million by Fidinam to Up Property, with a circa 7.0% yield and 1.7 years WALE.

New Supply Overview

111 Bourke Street (A-Grade, Refurb): Completed in H2 2025, with 45.7% pre-commitment and EY as the main tenant.
7 Spencer Street (A-Grade, New Development): Under construction (U/C), expected to be completed in H1 2026, with 25.2% pre-commitment and AECOM as the main tenant.
51 Flinders Street (Premium, New Development): Under construction (U/C), expected to be completed in H2 2026, with 33.7% pre-commitment and WPP / AirTrunk as the main tenant.
435 Bourke Street (Premium, New Development): Under construction (U/C), expected to be completed in H2 2026, with 61.8% pre-commitment and CBA / UniSuper as the main tenant.
600 Collins Street (Premium, New Development): Development approval has been granted (DA Approved), expected to be completed in H2 2030, with 0.0% pre-commitment and no main tenant yet.

Key Contacts

Research & Consulting, VIC: Tony McGough | +61406928820 | tony.mcgough@au.knightfrank.com
Office Leasing, VIC: Simon Hale | +61417147785 | simon.hale@au.knightfrank.com
Valuations & Advisory, VIC: Michael Schuh | +61412443701 | michael.schuh@vic.knightfrank.com
Research & Consulting, VIC: Laurence Panozzo | +61401251876 | laurence.panozzo@au.knightfrank.com
Institutional Sales, VIC: Trent Preece | +61400504300 | trent.preece@au.knightfrank.com
Tenant Representation, VIC: Craig Carr | +61447463778 | craig.carr@au.knightfrank.com